Prometey

Journaling from Zero to Hero in the Solana Trenches

[Prometey @solprometey]

https://t.co/DkxIZJxWVb

[Prometey @solprometey]

@BanfSol Yeah, this makes sense for someone who has built up a nice stack and wants to preserve it and lifemaxx for a bit. Small port guys like myself need to be online everyday. There are still opportunities everyday and sitting out is massively -EV.

[Prometey @solprometey]

@iruletrenches This and a BTC pump will make for a generational summer.

[Prometey @solprometey]

@dxrnell Preventing these emotions is why it's important to stay fit and healthy outside of trading, and to take a long-term view of your goals to prevent FOMO.

[Prometey @solprometey]

Day 59 Lesson: Sizing & Scaling In

Added a key component to my system today, and it will be a game changer. I will start gradually sizing in to plays as the trade confirms and conviction rises, rather than having the same position size on a single entry across all trades. This way, my position size on losing trades is only part of my position size on winning trades, giving outsize weight to my winners.

Trading is a game of risk management and probabilities, and it is best to play it so the numbers are in your favor.

[Prometey @solprometey]

@BanfSol 100%, save your money for the truly quality narratives that pop up. Overtrading is my biggest leak, and it will be bleed your port more than anything.

[Prometey @solprometey]

@redwithbag Exactly, it's important to analyze the failures and iterate upon them to improve.

https://t.co/XZGHdi0Xr6

[Prometey @solprometey]

Falling in Love with Losing (Thread)

Most of my day involves losing. In fact, I deliberately choose activities in which I often lose, and lose badly.

For months, this has been a source of enormous frustration, until I embraced a mental shift. Now, I want to lose.

Here's why:

[Prometey @solprometey]

@watchingmarkets What's your view on the future of trading memecoins as a tool for capital building?

[Prometey @solprometey]

@Route2FI Do you have any recommendations on how to get a Web3 job with no experience? I'm in my early 20s and have been immersed in crypto for about 9 months.

[Prometey @solprometey]

@ArtCryptoz 100%, we're still early and the next bullrun will be crazier than 24/25.

[Prometey @solprometey]

@dxrnell Ultra-selectivity is the way, and when you find something good, swing for the fences.

[Prometey @solprometey]

Day 58 Lesson: Expected Value

Once you have an edge (in my case narrative identification), you need figure out your profit taking and stop loss strategy so that it is in tune with your win rate, how far the winners you are in run, and market conditions. All this rolls into the concept of EV, or how much profit your edge/system will bring you over a large sample size of trades.

I've conducted this analysis on my trades and realized my problem is taking out profits too early on winners, and slipping into revenge trading every now and then.

The fix I will implement to taking out profits too early on winners is simply to take out only my initials at 2-3x on quality narratives that I think will run. This eliminates the stress of losing on the trade while also preserving enough capital to make a big pump meaningful.

Being too conservative with your upside is -EV, especially in a market like the Solana trenches, where you need to cover your losers while also reaping big profits.

[Prometey @solprometey]

@earlTrades 100%, the tweet plays are a solved game, but there is still a lot of opportunity in many other domains.

[Prometey @solprometey]

@sonder_crypto The best part about blaming yourself over external factors is that it means that you have the power to fix your trading leaks and reap the rewards.

[Prometey @solprometey]

@0xJamessss That makes it tough. I guess leaning as much on pattern recognition, seeing what ran and what didn't, would be the best bet for asset selection in that case.

[Prometey @solprometey]

Day 57 Lesson: Patience Pays

Another profitable day by executing on a textbook setup - solana:oqmDusk33ysweS2pWn9n2QDJyHGynQSfDcKxMuYpump .

The key to hitting this trade was being extremely patient and selective; waiting for a quality narrative to appear to position early in. The coin was a viral moment from the World Cup, making it in-meta and perfect for attracting attention.

I waited patiently for a dip as the pre-bond accumulation phase played out, and when the bundlers/snipers were done selling, I entered.

I am happy with how I executed this trade, as I waited for a 3x to take initials out and TP gradually on the pumps past the point. However, I still need to improve on my analysis of how high narratives can run, so I am able to hold longer. If I had held for the full move on solana:oqmDusk33ysweS2pWn9n2QDJyHGynQSfDcKxMuYpump , I would gotten a 10x. The only way to build this skill is more screen time and experience.

[Prometey @solprometey]

@dxrnell Virality only matters if the narrative has something unique that is relevant to the current meta or the trenches. Just because a cat has a lot of views on TikTok doesn't automatically make it a runner.

[Prometey @solprometey]

@_0xghost_ I've struggled with this and realized that I need to stop internalizing the "crypto is over" garbage that some on CT push.

[Prometey @solprometey]

@0xJamessss Ah, keep getting the screen time in and something quality should catch your eye. 💪

[Prometey @solprometey]

@dxrnell Overtrading is the easiest way to bleed your port and erase profits from wins.

[Prometey @solprometey]

@0xJamessss Appreciate it 🙏how are the trenches going for you?